Ayala to offer P10-billion worth of bonds

ABS-CBN News

MANILA, Philippines - Ayala Corp. is offering P10 billion worth of fixed-rate bonds due 2019, proceeds of which will be used for the firm's expansion plans.

In a disclosure on Wednesday, the conglomerate said the seven-year bonds with an interest rate of 5.45% per annum is being offered to the public until Nov. 16.

The firm said the book-building process showed a strong demand for the bond with orders reaching 170% of the issue size. Retail demand, meanwhile, is also foreseen to be strong and reach up to 95% of the offer.

"Ayala is raising funds for its capital requirements to enable the company to realize opportunities for expansion both through organic growth of its existing business lines as well as value-accretive acquisitions," the company said.